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The Book Profit of a firm is 325600/- What is the allowable
remuneration to the working partners
If it is a business firm
If it is Professional Firm
and also let me know under what section
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Answer Posted / satyaki_raju@yahoo.com
Mr Vikas Verma
You knew well to answer but forgot to help others
Your calculation about business firm is correct,but For
professional firm it is not correct.
Try to give answer in detail
The limitations under Sec 44 AA for professional firms and
Business firms U/s 40b
The limitations are
Professional Firms
1.Ist 1,00,000 90% 90,000
2.on the 2nd 1 Lakh 60% 60,000
3.On the Balance i.e 125600 @40% 50,240 2,00,240
For Business Firms
On the 1st 75,000 @90% 67,500
On the 2nd 75,000 @60% 45,000
On the balance 1,75,600 @40% 70,240 1,82,740
Th
| Is This Answer Correct ? | 11 Yes | 1 No |
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